Finastra today announced the availability of its next-generation data offering, Fusion Data Cloud. The suite of solutions is designed to help financial institutions improve customer engagement, grow revenue, digitize processes for efficiency, and manage risk.
Underpinned by the FusionFabric.cloud open developer platform, Fusion Data Cloud provides:
“Finastra is uniquely placed to connect fintechs, financial institutions, and third parties to accelerate the creation of innovative data solutions for our customers and our partners. Those that embark on this data journey with us can kick start their move towards deeper customer insights and business growth. Our open ecosystem revolutionizes the innovation process – advanced analytics can generate crucial insights for financial institutions to help them personalize and transform the customer experience, reduce risk and amplify business results,” said Eli Rosner, Chief Product and Technology Officer, Finastra.
Fintechs using Fusion Data Cloud gain a unique opportunity to train and deliver their solutions with sample financial institution data. One such fintech tapping into the data sharing capabilities is Vector Risk. The Vector Risk Service uses data from Fusion Opics, and is designed to help financial institutions meet the requirements of the Fundamental Review of the Trading Book (FRTB) regulation. It uses HPC (high performance computing) for extreme computational performance to analyze data, carrying out portfolio analysis and valuation in minutes rather than hours.
Justin Taylor, Managing Director at Vector Risk said, “Without access to Finastra’s Fusion Data Cloud, we would need to take each institution’s unstructured data, understand it, clean it, and apply a structure. This could take many months, if not years to achieve. With Finastra managing the data securely for all, it’s a win-win for all parties. We’re excited to be live in the FusionStore with our app.”
Finastra also uses the Fusion Data Cloud to produce AI and ML related data apps that are already live, including Mortgagebot Data Insights (LOS and POS) to optimize loan processing and application conversion, Fusion Payment Insights to provide payment customers with an operational and 360-degree customer view, Fusion Analytics to enable churn detection and next best product recommendations for North American community markets and Fusion Retail Analytics for international and top-tier banks.